(A) A reimbursement agreement shall at a minimum include all of the following:
(1) A legal description of the property subject to the agreement and the names of its legal and equitable property owners;
(2) The duration of the agreement. However, the parties are not precluded from entering into subsequent reimbursement agreements that may extend the original duration period;
(3) The development uses permitted on the property and a general description of the nature and extent of the proposed uses;
(4) A description of the public facilities that will service the development, including who provides and maintains the facilities, the date any new public facilities, if needed, will be constructed, and a schedule to assure public facilities are available concurrent with the impacts of the development; and
(5) A description of any other conditions, terms, restrictions, or other requirements determined to be necessary by the local government for the public health, safety, or welfare of its citizens.
(B) A reimbursement agreement may provide that the entire development or any phase of it be commenced or completed within a specified period of time. The reimbursement agreement must provide a development schedule, including commencement dates and interim completion dates at no greater than five-year intervals; provided, however, the failure to meet a commencement or completion date shall not, in and of itself, constitute a material breach of the development agreement pursuant to G.S. § 160A-400.27, but must be judged based upon the totality of the circumstances. The reimbursement agreement may include other defined performance standards to be met by the developer or any of its contractors. The developer may request a modification in the dates as set forth in the agreement. Consideration of a proposed major modification of the agreement shall follow the same procedures as required for initial approval of a reimbursement agreement.
(C) If more than one local government is made party to an agreement, the agreement must specify which local government is responsible for the overall administration of the development agreement.
(D) The reimbursement agreement also may cover any other matter not inconsistent with this section.
(Ord. 07-06-02, passed 6-12-07)